BYD.....Only one more step....to new ATH!Hello Traders,
BYD, the Chinese electric vehicle car-maker, is on the run to set a new ATH in HK$!
Not yet it happened, but it is a „question“ of days to my view.
BYD has sold, 144203 from January-April 2022 electric units, placed on 3rd ; after SAIC and TESLA.
In April, it sold 104854 units in Plugin vehicle. These are stunning numbers!
And BYD is only selling his cars in China!
For the chart to speak, BYD is moving in a trending channel, and the target area ranges from 256 HK$ to 370.6 HK$, depending on if and when it will be achieved.
On the other hand, there is potential to decline to the mid-line of the channel, which is running @ 250 area for the month of June.
Short term the stock is a bit „over-bought“ (Slow Stoch; 13,5,8) and there could be a „pause“ in the trend.
At 309.8 HK$ there is the ATH based on a closing price and it needs to take this out of market to set a new buy-signal.
Anyway, it is a remarkable number of sales and I think BYD will be one of the important players in that market for the future.
Have a great week.....
Ruebennase
